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DOCUSIGN, INC.（DOCU）与希悦尔（SEE）财务数据对比。点击上方公司名可切换其他公司
希悦尔的季度营收约是DOCUSIGN, INC.的1.7倍（$1.4B vs $818.4M），DOCUSIGN, INC.净利率更高（10.2% vs 3.1%，领先7.1%），DOCUSIGN, INC.同比增速更快（8.4% vs 2.6%），DOCUSIGN, INC.自由现金流更多（$262.9M vs $257.7M）
DocuSign是总部位于美国加利福尼亚州旧金山的软件企业，为各类机构提供多设备支持的电子协议管理及电子签名相关产品。截至2025年，公司在180个国家拥有约170万客户，其处理的签名符合美国ESIGN法案、欧盟eIDAS法规要求，满足欧盟高级及合格签名标准。
希悦尔是全球领先的包装与防护解决方案供应商，核心产品包括缓冲防护材料、食品保鲜包装、可持续减废包装系统，服务覆盖电商、零售、食品饮料、工业制造等多个海内外领域。
DOCU vs SEE — 直观对比
营收规模更大
SEE
是对方的1.7倍
$818.4M
营收增速更快
DOCU
高出5.8%
2.6%
净利率更高
DOCU
高出7.1%
3.1%
自由现金流更多
DOCU
多$5.2M
$257.7M
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $818.4M | $1.4B |
| 净利润 | $83.7M | $43.8M |
| 毛利率 | 79.2% | 28.6% |
| 营业利润率 | 10.4% | 11.4% |
| 净利率 | 10.2% | 3.1% |
| 营收同比 | 8.4% | 2.6% |
| 净利润同比 | 34.1% | 700.0% |
| 每股收益（稀释后） | $0.40 | $0.30 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收DOCUSEE
| Q4 25 | $818.4M | $1.4B | ||
| Q3 25 | $800.6M | $1.3B | ||
| Q2 25 | $763.7M | $1.3B | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | — | $1.3B | ||
| Q1 24 | — | $1.3B |
净利润DOCUSEE
| Q4 25 | $83.7M | $43.8M | ||
| Q3 25 | $63.0M | $255.1M | ||
| Q2 25 | $72.1M | $93.1M | ||
| Q1 25 | — | $113.5M | ||
| Q4 24 | — | $-7.3M | ||
| Q3 24 | — | $91.7M | ||
| Q2 24 | — | $98.3M | ||
| Q1 24 | — | $82.0M |
毛利率DOCUSEE
| Q4 25 | 79.2% | 28.6% | ||
| Q3 25 | 79.3% | 29.8% | ||
| Q2 25 | 79.4% | 30.7% | ||
| Q1 25 | — | 30.9% | ||
| Q4 24 | — | 30.0% | ||
| Q3 24 | — | 30.1% | ||
| Q2 24 | — | 31.2% | ||
| Q1 24 | — | 30.3% |
营业利润率DOCUSEE
| Q4 25 | 10.4% | 11.4% | ||
| Q3 25 | 8.1% | 13.8% | ||
| Q2 25 | 7.9% | 15.0% | ||
| Q1 25 | — | 14.5% | ||
| Q4 24 | — | 11.7% | ||
| Q3 24 | — | 13.9% | ||
| Q2 24 | — | 15.4% | ||
| Q1 24 | — | 14.0% |
净利率DOCUSEE
| Q4 25 | 10.2% | 3.1% | ||
| Q3 25 | 7.9% | 19.0% | ||
| Q2 25 | 9.4% | 7.0% | ||
| Q1 25 | — | 9.0% | ||
| Q4 24 | — | -0.5% | ||
| Q3 24 | — | 6.9% | ||
| Q2 24 | — | 7.4% | ||
| Q1 24 | — | 6.2% |
每股收益（稀释后）DOCUSEE
| Q4 25 | $0.40 | $0.30 | ||
| Q3 25 | $0.30 | $1.73 | ||
| Q2 25 | $0.34 | $0.63 | ||
| Q1 25 | — | $0.77 | ||
| Q4 24 | — | $-0.05 | ||
| Q3 24 | — | $0.63 | ||
| Q2 24 | — | $0.67 | ||
| Q1 24 | — | $0.56 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $583.3M | $344.0M |
| 总债务越低越好 | — | $3.3B |
| 股东权益账面价值 | $2.0B | $1.2B |
| 总资产 | $4.0B | $7.0B |
| 负债/权益比越低杠杆越低 | — | 2.65× |
8季度趋势，按日历期对齐
现金及短期投资DOCUSEE
| Q4 25 | $583.3M | $344.0M | ||
| Q3 25 | $600.0M | $282.5M | ||
| Q2 25 | $657.4M | $354.4M | ||
| Q1 25 | — | $335.2M | ||
| Q4 24 | — | $371.8M | ||
| Q3 24 | — | $386.0M | ||
| Q2 24 | — | $388.6M | ||
| Q1 24 | — | $352.8M |
总债务DOCUSEE
| Q4 25 | — | $3.3B | ||
| Q3 25 | — | $4.0B | ||
| Q2 25 | — | $4.0B | ||
| Q1 25 | — | $4.2B | ||
| Q4 24 | — | $4.2B | ||
| Q3 24 | — | $4.3B | ||
| Q2 24 | — | $4.4B | ||
| Q1 24 | — | $4.5B |
股东权益DOCUSEE
| Q4 25 | $2.0B | $1.2B | ||
| Q3 25 | $2.0B | $1.2B | ||
| Q2 25 | $2.0B | $953.1M | ||
| Q1 25 | — | $797.9M | ||
| Q4 24 | — | $624.5M | ||
| Q3 24 | — | $771.2M | ||
| Q2 24 | — | $650.1M | ||
| Q1 24 | — | $598.3M |
总资产DOCUSEE
| Q4 25 | $4.0B | $7.0B | ||
| Q3 25 | $3.9B | $7.1B | ||
| Q2 25 | $3.9B | $7.2B | ||
| Q1 25 | — | $7.0B | ||
| Q4 24 | — | $7.0B | ||
| Q3 24 | — | $7.3B | ||
| Q2 24 | — | $7.3B | ||
| Q1 24 | — | $7.2B |
负债/权益比DOCUSEE
| Q4 25 | — | 2.65× | ||
| Q3 25 | — | 3.34× | ||
| Q2 25 | — | 4.18× | ||
| Q1 25 | — | 5.26× | ||
| Q4 24 | — | 6.72× | ||
| Q3 24 | — | 5.62× | ||
| Q2 24 | — | 6.81× | ||
| Q1 24 | — | 7.49× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $290.3M | $293.6M |
| 自由现金流经营现金流 - 资本支出 | $262.9M | $257.7M |
| 自由现金流率自由现金流/营收 | 32.1% | 18.5% |
| 资本支出强度资本支出/营收 | 3.3% | 2.6% |
| 现金转化率经营现金流/净利润 | 3.47× | 6.70× |
| 过去12个月自由现金流最近4个季度 | — | $458.5M |
8季度趋势，按日历期对齐
经营现金流DOCUSEE
| Q4 25 | $290.3M | $293.6M | ||
| Q3 25 | $246.1M | $165.9M | ||
| Q2 25 | $251.4M | $136.6M | ||
| Q1 25 | — | $31.9M | ||
| Q4 24 | — | $244.2M | ||
| Q3 24 | — | $170.5M | ||
| Q2 24 | — | $188.2M | ||
| Q1 24 | — | $125.1M |
自由现金流DOCUSEE
| Q4 25 | $262.9M | $257.7M | ||
| Q3 25 | $217.6M | $119.6M | ||
| Q2 25 | $227.8M | $93.2M | ||
| Q1 25 | — | $-12.0M | ||
| Q4 24 | — | $185.1M | ||
| Q3 24 | — | $115.2M | ||
| Q2 24 | — | $129.5M | ||
| Q1 24 | — | $78.0M |
自由现金流率DOCUSEE
| Q4 25 | 32.1% | 18.5% | ||
| Q3 25 | 27.2% | 8.9% | ||
| Q2 25 | 29.8% | 7.0% | ||
| Q1 25 | — | -0.9% | ||
| Q4 24 | — | 13.6% | ||
| Q3 24 | — | 8.6% | ||
| Q2 24 | — | 9.7% | ||
| Q1 24 | — | 5.9% |
资本支出强度DOCUSEE
| Q4 25 | 3.3% | 2.6% | ||
| Q3 25 | 3.6% | 3.4% | ||
| Q2 25 | 3.1% | 3.3% | ||
| Q1 25 | — | 3.5% | ||
| Q4 24 | — | 4.4% | ||
| Q3 24 | — | 4.1% | ||
| Q2 24 | — | 4.4% | ||
| Q1 24 | — | 3.6% |
现金转化率DOCUSEE
| Q4 25 | 3.47× | 6.70× | ||
| Q3 25 | 3.91× | 0.65× | ||
| Q2 25 | 3.49× | 1.47× | ||
| Q1 25 | — | 0.28× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.86× | ||
| Q2 24 | — | 1.91× | ||
| Q1 24 | — | 1.53× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
DOCU
| Subscription And Circulation | $801.0M | 98% |
| Professional Services And Other | $17.4M | 2% |
SEE
| Protective Segment | $1.1B | 78% |
| Other | $292.0M | 21% |
| Pension Plans Defined Benefit | $7.9M | 1% |
